Opposition constitutionally questions El Salvador’s Bitcoin law
El Salvador’s grand strategies to promote Bitcoin adoption could be reversed if President Bukele’s Bitcoin law is found to be unconstitutional in the nation’s courts.
A group of citizens affiliated with the Farabundo Martí National Liberation Front (FMLN) political party has filed a lawsuit alleging that President Bukele’s Bitcoin introductory program is unconstitutional.
FMLN lawmaker Jaime Guevara led the transfer together with taxpayers including plaintiff Óscar Artero, who described the nation’s Bitcoin law as “a lack of legitimacy, foundation and negligible impact” and the damage such a law would do to the nation”, So a rough translation from the regional media El Mundo.
Guevara said the criticism would test the newly appointed judges at the Constitutional Department of the Supreme Court.
The FMLN took third place in the parliamentary elections February with nearly 7 percent of the vote, while Bukele’s New Idea dominated with two-thirds of this vote. The Nationalist Republican Coalition took second place, earning almost 8%.
Salvador’s lawyer Enrique Anaya commented that the presidential court was unsure how to implement the Bitcoin law passed June 9, and doubts that lawmakers may even have begun the case internally.
Guevara claimed it was “a widespread rumor” the Bitcoin law was driving the schedule of President Nayib Bukele and his New Ideas Party (Nuevas Ideas) in the public interest by articulating the litigation and describing the litigation.
A survey of 1,600 people conducted between June 11 and June 15 from the El Salvador Chamber of Commerce and Industry found that more than eight in ten Salvadorans would not accept obligations and wages in bitcoins. On June 16, El Salvador’s Labor and Social Affairs Minister Rolando Castro said the country wasn’t yet prepared to embrace Bitcoin for citizenship.
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The plan to present Bitcoin met resistance from the World Bank, which refused to help the nation in its transition, mentioning “environmental and transparency gaps” associated with electronic assets.
As Cointelegraph reports, even if the Bitcoin law remains in place, there are still many obstacles to widespread adoption throughout an entire country because of its size restrictions.
At the time of writing, Bitcoin price has dropped 7% in the previous 24 hours to stand at $32,800.